Next offers high street cheer

Jan 5 2010 By nebusiness

Fashion retailer Next offered further cheer from the high street today as it raised profit forecasts after better-than-expected trading.

The group said the consumer environment was "more stable than expected" after unemployment rose less than predicted and shoppers benefited from low inflation and interest rates.

Next grew like-for-like sales 3.2% in the 22 weeks to December 24 and now expects full-year profits of between £490m and £500m - ahead of its November guidance.